OnPay Solutions, an accounts payable (AP) automation solutions provider, will partner with ProVantage Software to work on automating paper-based processes, a press release said on Thursday (May 6).
“We are excited to partner with ProVantage to help their clients streamline their supplier payments,” said Neal Anderson, CEO and president of OnPay Solutions. “Our mission is to empower people to improve the lives of accounting departments globally. We are thrilled to collaborate with ProVantage to provide additional tools to help accomplish that mission by eliminating paper invoices and payments in accounts payable.”
“We are always on the lookout for collaborative solutions that can help our clients operate more efficiently and with greater effectiveness,” said Jim Skubic, president of ProVantage Software, Inc. “To that end, we have found OnPay Solutions to fit that role perfectly, reducing both labor input and the cost envelope for several basic and repetitive AP functions.”
AP automation has been a talking point in the B2B world for some time, with Juliet Negrete Anderson, founder and chief operating officer with OnPay Solutions, saying it will help businesses get in the mode of printing checks from home — which was important in the pandemic as businesses had to close their doors.
She wrote for PYMNTS last year that the pandemic had brought to light “glaring issues” with how current processes in AP work.
AP, unlike many other departments, was stuck with manual processes long past the days when better options became available.
Negrete Anderson wrote that much had been changing, albeit slowly, with paper checks — paper checks started to slip out of the mainstream, taking up only 42 percent of all B2B payment types in 2019.
Paper invoices are another story though, as they are still dominant in finance departments, accounting for around 75 percent of all invoices in the U.S.
Negrete Anderson writes that paper processes are expensive, often costing between $45 billion to $150 billion per year.
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